Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,320/mo
Lowest payment- Down payment
- $87,717
- Funds due
- $96,600
- Interest + MI left
- $34,321
- First ends
- Jan 2038
Assumption
Assumption + second
$1,891/mo
+$571/mo- Down payment
- $16,717
- Funds due
- $26,885
- Interest + MI left
- $168,982
- First ends
- Jan 2038
New loan
New conventional
$1,511/mo
+$191/mo- Down payment
- $16,717
- Funds due
- $23,666
- Interest + MI left
- $215,696
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $71,283 | $71,283 | $142,283 |
| Second mortgage | — | $71,000 | — |
| First P&I | $736.68 | $736.68 | $985.14 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $85.65 | $85.65 | $28.46 |
| Taxes, insurance & HOA | $497.83 | $497.83 | $497.83 |
| Total housing payment | $1,320.16 | $1,891.45 | $1,511.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,717
Closing costs & prepaids$10,168
Usable credit−$0
Total buyer cash needed$26,885
Earnest money paid−$0
Remaining funds due$26,885
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,590.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$83.50
Initial HOA (3 months)$960.00
Prepaid interest, first (2 days)$24.02
Prepaid interest, second (2 days)$35.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing11 yr 2 moOf the original 30-year loan at 6.150%
Interest already paid$116,852Through Nov 2026
Assumption only · ends Jan 2038$34,321
Assumption + second · ends Jan 2038, second Dec 2056$168,982
New conventional · ends Dec 2056$215,696